Homebuilders in the Rochester region are slowly seeing building permits stabilize and in some local areas and markets permits are even brisk.
The three county region of Monroe, Ontario, and Wayne have experienced a decline in new home building permits. Monroe County was down 19% with 544 permits compared to 672 in 2008. Ontario County was also down 19% with 189 permits compared to 234 in 2008. Wayne County was down 30% with 63 permits compared to 90 in 2008.
“The Rochester market continues to out perform other areas of similar demographics to our area,” said Dawn Aprile, 2009 Chairman of the Rochester Home Builders’ Association and President of Premium Development Corporation. “The Rochester region builds to the local demand and there was very little speculation building, so our inventory of new homes is very low. Other areas around the country have seen a wave of foreclosures, declining home values, and tight credit markets. Our region has not experienced any of those conditions,” Aprile added.
Some products and areas continue to move quicker than others. The entry level new home market is getting help from the federal tax credit for first time home buyers and downsizing of traditional sized homes continues to be popular. The towns of Henrietta, Penfield, and Greece lead Monroe County in permits and Victor and Farmington lead in Ontario County.
Local builders remain confident. Most believe that we have ‘bottomed out’, and little by little traffic in model homes has increased, meaning new home permits should be on the rise in 2010.
